Post by Sapphire Capital on Aug 13, 2008 5:43:39 GMT 4
Bahrain- Albaraka Banking Group net profit up 62% in H1
Bahrain Tribune - 12/08/2008
(MENAFN - Bahrain Tribune) Albaraka Banking Group BSC (ABG), a Bahrain-based leading Islamic banking group, announced strong financial gains at end of first of half of 2008 with net operating income increased by 81 per cent to $174.96 million compared to $96.58 million for the same period of 2007.
The bank's net profits surged by 62% (before adding the extraordinary profits resulting from subscription to the shares of the Group's unit in Turkey which was completed during the first half of 2007), while total assets increased by 29 per cent and finance and investments by 49 per cent.
Net income increased by 62 per cent to reach $107.98 in the first half of 2008 compared to $66.79 million for the same period of 2007 (before adding the extraordinary profits resulting from subscription to the shares of the Group's unit in Turkey which was completed during the first half of 2007).
The balance sheet showed significant growth, especially those areas related to core financing and investment activities, which increased by 49 per cent to reach $8.63 billion in total as at the end of June 2008, leading to an increase in total assets to $11.2 billion as at the end of June 2008, compared to $8.6 billion as at the end of June 2007, reflecting an increase of 29 per cent.
Customers' deposits and other accounts and unrestricted investment accounts registered a noticeable increase of 32 per cent to reach $9.1 billion at the end of June 2008, which shows the growing confidence and loyalty of customers in the Group. Shareholders equity increased by 11 per cent to reach $1.59 billion in total as at the end of June 2008.
Shaikh Saleh Abdulla Kamel, Chairman of Albaraka Banking Group, said: "We are pleased to see a continuation of the consistent strong performance of the Group at all levels of operating income and finance and investment activities.
These achievements reflect the strong financial, human and technical capabilities and resources of the Group which it utilises in the implementation of its ambitious plans for expanding its operations and activities in its existing markets and the markets that it plans to enter into. These achievements are also the result of the coordinated joint effort at Group and affiliate units' level, which made such achievements possible despite the difficult economic conditions that the world is witnessing at present".
Abdulla Ammar Al Saudi, Deputy Chairman of Albaraka Banking Group, said: "The excellent results achieved by the Group in the first half of 2008 were brought about by the carefully crafted plans which were approved by the board of directors for expanding the Group geographically and vertically, as well as by the dedication and industrious efforts of the executive management of the Group, the units and all the parties concerned with implementing the plans.
Adnan Ahmed Yousif, President and Chief Executive of ABG, said that the excellent financial and operational results achieved by the group in the first half of 2008 were the early fruits of the group's new five-year strategic plan for the years 2008-2012 which is based on a number of objectives, programmes and initiatives.